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Finance
Loan Payment Calculator
Monthly payment on a fixed-rate loan
Runs locally in your browser
Parameters
Results
- Monthly payment
- $1,580
- Total paid
- $568,861
- Total interest
- $318,861
How it works
Calculates the fixed monthly payment on a standard amortizing loan such as a personal loan, auto loan, or mortgage.
Who it's for: Borrowers comparing loan offers, homebuyers estimating mortgage payments, and anyone planning a major purchase on credit.
Computes a level monthly payment using the standard amortization formula for fixed-rate loans.
Reports total amount paid over the full term and total interest cost.
Assumes equal payments throughout the loan with no extra principal payments.
How to use
- Enter the Loan amount in dollars — the principal you borrow before interest.
- Set the Annual rate as the nominal yearly interest rate (e.g., 6.5 for 6.5% APR).
- Enter the Term in months (360 for a 30-year mortgage, 60 for a 5-year auto loan).
- Read Monthly payment — the amount due each month for principal and interest.
- Check Total paid and Total interest to understand the full cost of borrowing.
- Adjust the rate or term to compare offers from different lenders.
Good to know
- Your actual mortgage payment may also include property taxes, homeowners insurance, and PMI — this tool covers P&I only.
- For payoff acceleration with extra payments, use the mortgage extra payment calculator.